Cable Cars And Ropeways Market: Overview, Segmentation & Competitive Analysis 2022 to 2032
The global cable cars and ropeways market is expected to reach a valuation of US$ 11.5 Million in 2032, with a fantastic growth rate of 10.6% CAGR from 2022 to 2032. The cable cars and ropeways market is expected to grow from an anticipated value of US$ 4.21 million in 2022 due to increased tourism activities around the world. More and more countries are emphasising the integration of zipping and ropeway projects into their tourism attractions. This, in turn, will boost cable car and ropeway sales over the forecast period.
Aerial lifts that use one or two fixed ropes or cables to hold the conveying vehicle and a third rope or cable for proper propulsion are known as cable cars and ropeways. These cars make use of technology that is simple, powerful, and inexpensive. C
able cars and ropeways are a rapid, inexpensive, and convenient mode of transportation, particularly in hilly and mountainous locations, areas with rivers, snow-covered areas, uneven terrain, and so on. Furthermore, technological advancements have enabled the installation of electric motors and steel wires that maximise efficiency. As a result, cable cars and ropeways have been widely adopted in a variety of places that offer tourist and adventure attractions, as well as areas with mining operations.
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With emerging trends in cable cars and ropeways, the market is steadily becoming a preferred choice of travel in tourist and winter regions. Gradually, opportunities are also emerging in urban transportation. Furthermore, evolving technology and high advantages associated with cable cars and ropeways are expected to propel the market towards growth over the forecast period.
“Rising adoption of latest technology coupled with rapidly expanding tourism industries are stimulating the sales of cable cars and ropeways in the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
Strict safety regulations and high power consumption may hamper market prospects. North America to account for 18.4% of the overall market share in 2022. Europe will undergo considerable target market growth over the forecast period. Start-up ecosystem in the market will likely introduce new and enhanced products into the market.
Competitive Landscape
Doppelmayr Garaventa Group, Vergokan, Kreischberg: Cableways, Dubrovnik cable cars, Kropivnik Cableways Pvt. Ltd., Damodar ropeways, and Bullwheel international cable car corp among others, are some of the major players in the cable cars and ropeways market that are profiled in the full version of the report.
In a fairly competitive market, major players are concentrating on market expansion strategies like mergers, acquisitions, partnerships, and agreements. These businesses also vie for the government tenders to gain a competitive edge.
More Insights into the Cable Cars and Ropeways Market Report
In its latest report, FMI offers an unbiased analysis of the global cable cars and ropeways market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on industry (tourism, material handling, public transportation, mining industries), sales channels (OEM (Original Equipment Manufacturer), aftermarket), type (fixed grip installations, drag lifts, fixed grip chairlifts, pulsed gondola ropeways, detachable installations, detachable chairlifts, mono cable detachable gondola lifts, telemix: combined detachable chairlift and gondola lift, bicable (2S) & tricable (3S) gondola lifts, aerial tramway, funicular), and region.
According to the latest FMI reports, based on region, the cable cars and ropeways market in North America is expected to present considerable growth over the assessment period. The region is expected to account for 18.4% of the overall market share. This growth can be attributed to usage of cable cars and ropeways in urban transportation as well as their application in multiple mountaineering and hiking spaces. Advancing tourist areas are also supplementing this growth.
In Europe, the cable cars and ropeways market is expected to present healthy growth over the forecast period. The region currently holds 25.2 % of the global market share. Booming tourism sector along with an intensely dynamic demography seem to bolster the regional market growth over the projected period.
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Key segments
By Industry:
Tourism Material Handling Public transportation Mining industries
By Sales Channel:
OEM (Original Equipment Manufacturer) Aftermarket
By Type:
Fixed grip installations Drag lifts Fixed grip chairlifts Pulsed gondola ropeways Detachable installations Detachable chairlifts Mono cable detachable gondola lifts Telemix combined detachable chairlift and gondola lift Bicable (2S) & Tricable (3S) Gondola lifts Aerial tramway Funicular
By Region:
North America Latin America Asia Pacific Middle East and Africa Europe